As we raise well-rounded children, talking about money is a critical subject, so let’s talk about it here too.
Here are 5 simple ideas that will simplify the way you take care of your own finances and then teach them to your children.
1: Keep track of where you spend your money. As you look back over each week then each month, you will find trends that will help you find better ways to spend your money. For example, when we looked at how much my husband spent for lunch at work, it was over $50 per month. In order to get healthier food and save money, we created a plan for my husband to take left overs.
2: Set goals. Here is where you have fun and dream of how you want your finances to look. For us, we will be out of debt, including our mortgage in 2 years. After that, we will take a family vacation to England, Ireland and Scotland. Teaching the kids about our goals for focusing on how we spend our money helps them feel included and increases our excitement in reaching our goals.
3: Prioritize. Now that you know where your money is going and where you want it to go, what changes need to be made to reach your goals? Break down the changes with daily, weekly and monthly adjustments from where you are spending money to where you want it to go.
4: Learn more. Once our debt is paid off, we will be investing the amount we had been paying on our mortgage. Now is when we will be learning about investment options based on our risk tolerance.
5: Income potential. One way we are creating residual income is by building a business with doTERRA. If that is something you would like to learn more about, contact me by commenting below, emailing me at [email protected] or find me on facebook.
Let’s create healthy families together.